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Société Générale targeting 163.75 in USD/JPY

Synopsis:

SocGen anticipates USD/JPY to continue its upward trajectory, targeting 161.80 initially and 163.75 subsequently. The pair has broken above an ascending triangle pattern, indicating a resumption of the uptrend, supported by strong momentum.

Key Points:

Technical Breakout: USD/JPY defended the 50-DMA last month and broke above an ascending triangle, confirming an uptrend.Momentum Indicators: Daily MACD remains positive, signaling continued upward momentum.Target Levels: Next objectives are 161.80 and 163.75.Support Zone: In case of a short-term pullback, 158.80/158.00 should act as potential support.

Conclusion:

SocGen expects USD/JPY to drift towards 161.80, with further potential up to 163.75, supported by technical indicators and strong momentum. A support zone around 158.80/158.00 should contain any short-term pullbacks.

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This article was written by Eamonn Sheridan at www.forexlive.com.

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